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Aave V4 deposits have reached a record $806 million after rising about 30% in seven days, extending a sharp increase in liquidity across the lending protocol’s newest version.
Deposits passed $500 million on August 19 and $600 million two days later before crossing $800 million on August 27. Ethereum-based V4 markets alone surpassed $500 million on August 25.
Ethereum Core and EtherFi Cash Hold Nearly $635M
Ethereum Core is V4’s largest market with about $378 million in deposits, while EtherFi Cash on Optimism holds roughly $257 million.
Together, the two markets account for close to $635 million of total V4 deposits. Ethereum Global Dollar follows with about $75 million, while Ethereum Prime holds roughly $63 million.
V4 Active Loans Climb Above $200M
Borrowing has increased alongside deposits, with active loans across V4 markets now exceeding $200 million.
EtherFi Cash accounts for about $62 million of that total. Its weETH-backed WETH borrowing market was operating at roughly 92% utilization.
The EtherFi market has been live for around two weeks, with further lending growth dependent on increases to existing risk limits and deposit caps.
Aave V3 Still Holds Roughly $31B as V4 Liquidity Expands
Most Aave liquidity remains in V3 despite V4’s recent growth. The previous version holds roughly $31 billion in user deposits, including about $25 billion in its Ethereum Core market.
V4 had about $325 million in deposits during July before accelerating through August to more than $800 million.
Further growth will depend partly on capacity increases across existing V4 markets and the rollout of additional deployments.
